...S&P Global Ratings assigned its 'A-1+' rating to Houston's $250 million extendible commercial paper (ECP) program, series B-5, established for the city's combined utility systems (CUS). At the same time, S&P Global Ratings affirmed its '##' long-term rating on CUS' first-lien debt, which management uses as its working lien. As well, S&P Global Ratings affirmed its '##+ issuer credit rating (ICR) and previous ordinance (prior lien) debt rating on the system. The outlook is stable. S&P Global Ratings also affirmed its 'A-1+' short-term rating on the utility system's CP notes series B-4 and B-6. A revolving credit agreement with State Street Bank and Trust Co. supports the B-4 notes, while a revolving credit agreement with Bank of America N.A further supports the B-6 notes. Both the programs expire July 12, 2019. The ECP will replace an expiring forward bond purchase agreement that previously supported the series B-5 commercial paper (CP) program. The series B-5 notes will mature within 90...
